Nvidia CEO Jensen Huang’s net worth fell by $15.1 billion on Thursday after stocks dropped following the US midterm elections. His ranking on the Bloomberg Billionaires Index fell to 13th place. Many tech leaders lost money as concerns grew that a Democrat-controlled government might limit the construction of new data centers.
Jensen Huang's Nvidia Corp's net worth fell by $15.1 billion to $150.9 billion on Thursday as stocks declined post the Democrats' sweeping victories in the US midterm elections a day prior.
The loss dropped Huang to the 13th position from the ninth one on the Bloomberg Billionaires Index.
The other big losers included SpaceX and Tesla's Elon Musk, Oracle Corp's co-founder Larry Ellison, who lost $79.7 billion and $10.1 billion, each.
A Democrat-controlled House and Senate is likely to work to constrain the construction of data centers, which are a key component of AI infrastructure. This helped drive the shares of semiconductor makers and suppliers of computing power lower. NVIDIA fell 9.3%, its biggest single-day decline since January 2023, while SpaceX shares were down 9% and Oracle dropped 6.9%.
All three men, especially Huang, are heavily exposed to the data centers buildout to support the increasing demands of AI. His California-based firm is the leading supplier of high-performance computer chips.
Meanwhile, Musk's SpaceX develops its own AI models and builds data centers to run them and Ellison's Oracle has built a big business by supplying computing power to others.
The 500 people on the wealth index lost a cumulative $185 billion on Thursday, the 14th largest one-day rout ever since Bloomberg started its ranking in 2012, the agency reported.
It comes after a period where tech billionaires had been on track to report their best ever year, accounting for 36% of the index's total wealth amid AI's relentless growth.